Take a look at the whopping sum of money that Nigeria spend to import over cassava by-products every year


Take a look at the whopping sum of money that Nigeria spend to import over cassava by-products every year

The Central Bank of Nigeria (CBN) has stated that Nigeria imports over $580 million worth of cassava by-products annually and this has made the nation rely on the imports.

This was disclosed by the CBN Governor Godwin Emefiele, via the Bank’s Twitter handle, on Thursday, while commissioning Rivers Cassava Processing Company.

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According to him, the facility will help the nation reduce her reliance on imports of cassava by-products.

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The tweet read: “The facility will help in reducing our reliance on imports of cassava by-products, which serves as a key input in the production of food items in several factories. Nigeria imports over $580 million worth of cassava by-products annually.

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The cassava processing facility helps to support the CBN’s mandate of promoting economic growth for Nigeria.

The cassava processing facility will also provide farmers with a verifiable platform to access finance from the Central Bank of Nigeria and other financial institutions through our Anchor Borrowers Program.”

What you should know about the facility

With the capacity to process over 45,000 tons of cassava, the facility will provide high-quality cassava flour for households, industries and bakeries.

The integrated facility was built by the Rivers State Government with the support of Shell Petroleum Development Corporation, the Dutch Embassy Investment Nigeria Limited and their technical partners.

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